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GBP/USD: Likely to range-trade between 1.3400 and 1.3460 – UOB Group
Key Takeaways (30s Read)
GBP/USD is expected to trade in a range, showing an upside bias in the near term.
GBP/USD is forecasted to trade between 1.3400 and 1.3460. Analysts from UOB Group, Quek Ser Leang, and Lee Sue Ann have noted a near-term upside bias, but indicated that the pair may struggle to break above 1.3505. This situation is significant for trading strategies within the forex market. Traders should recognize 1.3400 as a support level while looking at 1.3460 as a resistance level. Although there may be a potential for higher levels in the long run, short-term trading is likely to focus on this established range. A strategy that respects this range will be crucial for understanding GBP/USD price movements.
AI Analyst
AI Opinion
"The current analysis of GBP/USD indicates that the pair is expected to trade within a range of 1.3400 to 1.3460 in the near term. In light of current market conditions, recent economic indicators and central bank policies could significantly impact the exchange rate. Particularly, if economic data from the UK supports a stronger pound, the upside bias could intensify. However, since opportunities to break above 1.3505 are limited, traders should focus their strategies around this established range. Effective risk management, while observing the price movement within the range, will be crucial for making timely entries."
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